History of Gold (XAU)


XAU Gold History

# History of world currencies

About gold

Gold in physical properties is a soft yellow metal. The first mention of use as a means of calculation was still found among the Sumerians and the ancient Greeks.

By 1816, gold affects the global economy. Britain ties the pound to gold. Almost a hundred years, until the First World War, the pound is an international currency with the gold standard.

World War I halted world exchanges and at the end of 1910, the pound fell 25 percent against the dollar.

In 1944, the Bretton Woods settlement system was introduced, which means the ratio of world currencies to the dollar, and the dollar to gold at $ 35 per ounce.

London 1949 British pound drops 35 percent.

In 1958, the pound drops another 20%.

And in 1964, Britain raised $ 3 billion worldwide to strengthen the pound.

1965 France exchanges $ 1.5 billion for gold at $ 35 an ounce. The victory of Charles de Gaulle over the Bretton Woods system, 1,200 tons of gold are taken from New York.

November 18, 1967 the pound falls against the dollar by 15 percent – this is the beginning of the end of the gold standard.

As a result, gold meets only the interests of countries with an isolated economy, and in the context of globalization it is poorly applicable, but still remains a key tool to ensure the preservation of capital.

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